Major International Business Headlines Brief::: 18 June 2019

Tue Jun 18 02:21:54 CAT 2019

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Major International Business Headlines Brief::: 18 June 2019

 <http://www.nedbank.co.zw/> 

*  Congo court upholds suspension of Vodacom's 2G licence

*  Kenyan parliament will block repeal of rate cap, lawmaker says

*  Swiss refiner Metalor to stop processing artisanal gold

*  Airtel Africa expects London IPO to be priced between 80-100 pence share

*  Nigerian consumer inflation edges up to 11.4% in May –stats office

*  Nigeria to shut bank accounts of firms which import FX restricted goods

*  South Africa's rand steady as investors mull developments ahead of long
weekend

*  South Africa's Omnia flags full-year loss

*  Kenyan shilling weakens against the dollar

*  Heathrow reveals expansion 'masterplan'

*  Huawei smartphone sales hit amid US curbs

*  Jet Airways lenders plan insolvency proceedings

*  UK to launch 'groundbreaking' China stock market link

*  South America power cut: Argentina investigates 'unprecedented' outage

*  Brexit uncertainty 'hitting UK business investment'

 <mailto:info at bulls.co.zw> 

Congo court upholds suspension of Vodacom's 2G licence

KINSHASA (Reuters) - A court in Democratic Republic of Congo on Monday
upheld the government’s suspension of the 2G telecoms licence of Vodacom
Group’s local unit, an official at the telecommunications ministry said.

John Aluku, the minister’s chief of staff, said that the Council of State
issued the judgment, which cannot be appealed.

Vodacom Congo has three months to renegotiate its 2G licence with the
ministry before it goes up for auction, Aluku said. The ministry says the
cost of renewing the licence is $65 million.

Vodacom, which holds a 51% stake in Vodacom Congo, did not immediately
respond to a request for comment.

The South African company has previously rejected the ministry’s claims that
the renewal of its 2G licence in 2015 did not follow proper procedures.

The suspension does not affect Vodacom Congo’s 3G or 4G licences in Congo.
It is not clear how many of its 12 million customers only have access to 2G
coverage.

 <mailto:info at bulls.co.zw> 

Kenyan parliament will block repeal of rate cap, lawmaker says

NAIROBI (Reuters) - Kenya’s parliament will block an attempt to repeal a cap
on commercial lending rates, the lawmaker who sponsored the law imposing the
cap said on Monday.

Introduced in September 2016, the cap limits lending rates to 4 percentage
points above the central bank rate, now 9.0%. It was supposed to cut the
costs of credit for businesses and private consumers, boosting access to
loans.

In his budget speech to parliament last week, Finance Minister Henry Rotich
proposed repealing the cap. He said it was keeping banks from lending to
customers they considered too risky.

A similar attempt to remove the cap last year was rejected by lawmakers.
Jude Njomo, a ruling party legislator who introduced the cap law, said the
Treasury was being obstinate.

“These guys don’t want to accept the reality, so they keep on pushing. The
reality is that the capping of interest rates is here to stay,” Njomo told
Reuters.

He accused the minister of siding with commercial banks, rather than the
citizens.

“The law is changed by people who listen to wananchi (citizens) ... That
(proposed amendment) will not see the light of day,” he said.

Private-sector credit expanded by 4.9% in the year to April, the central
bank said, well below the ideal growth rate of 12% to 15%.

In March, the High Court gave parliament a year to redraft the law capping
rates, saying the original was not in line with the constitution. Njomo said
he has drafted a new bill to fix the wording in line High Court’s ruling.

“It has already gone through some of the steps it needs to before it is
tabled in the house ... we will do it within the time frame that was given
by the High Court,” he said.

Kimani Ichung’wah, the chairman of parliament’s budget committee, also said
he did not expect the proposed repeal to get through the house, he said.

“The government has a responsibility to protect borrowers,” he said.

Swiss refiner Metalor to stop processing artisanal gold

LONDON (Reuters) - Switzerland’s Metalor, one of the world’s biggest gold
refineries, said on Monday it would work only with gold from large
industrial mines in order to reduce the risk of illegality in its supply
chain.

Informal methods of gold production, known as “artisanal” or small-scale
mining, have grown rapidly in recent years as demand for gold has boomed,
pushing prices higher.

Artisanal mining provides a livelihood to millions of people, often in
poorer countries in South America, Africa and Asia. But it often leaks
chemicals into rocks, soil and rivers, working conditions can be appalling
and the gold such mining yields is often smuggled or used to launder money.

Metalor said it would stop working with artisanal mines or collectors and
aggregators - companies which collect and resell gold from artisanal mines -
because of the difficulty of ascertaining the mines’ legality and the origin
of the gold.

“The increasing resources to secure compliance and the challenging
conditions at the mining regions have forced Metalor to reassess its
approach to artisanal mining,” Metalor said.

“As a result of this decision, Metalor will cease its operations in
Colombia, after having already announced its decision to stop any business
relationship with collectors/aggregators of gold dore in Peru.”

Gold dore is non-refined mined gold.

Most large refiners that supply gold to major Western banks, central banks
and jewellers are wary of taking gold from artisanal mines, leaving them to
find other buyers. A Reuters investigation in April found that gold worth
billions of dollars was being smuggled from Africa to the United Arab
Emirates, a gateway to other global markets.

Metalor processes around 500 tonnes of gold a year at refineries in
Switzerland, the United States and Asia, its chief executive Antoine de
Montmollin told Reuters.

Gold from artisanal mines and collectors accounted for less than 5% of this,
he added.

Metalor stopped working with artisanally mined gold from Africa in 2015. It
said it has not been using artisanal gold from any countries other than
Colombia and Peru.

Metalor is one of four large refineries that together refine around 2,500
tonnes of gold a year in Switzerland, data from the United States Geological
Survey shows – worth more than $100 billion at today’s prices and equal to
around 60% of the world’s annual supply of gold.

More than 40 million people around the world work in artisanal and
small-scale mining of resources including gold, according to a report by the
World Bank and development organisation Pact in April.

Airtel Africa expects London IPO to be priced between 80-100 pence share

(Reuters) - Airtel Africa Ltd, a unit of India’s Bharti Airtel Ltd, on
Monday set a price range of 80 to 100 pence per share for its planned
initial public offering on the London Stock Exchange.

The IPO is expected to raise 595 million pounds ($749.05 million) from the
issuance of about 595.2 million to 744 million new shares.

The company said the price range values it between 3.01 billion pounds and
3.62 billion pounds at the price range.

Airtel Africa also said it intends to list its shares on the Nigerian Stock
Exchange at the same time as the London listing.

The company said conditional dealings in its shares are expected to begin on
or around June 28 and the final pricing will be announced the same day.

($1 = 0.7943 pounds)

Nigerian consumer inflation edges up to 11.4% in May –stats office

LAGOS (Reuters) - Annual inflation in Nigeria stood at 11.4% in May,
compared with 11.37% in April, the National Bureau of Statistics said on
Monday.

A separate food price index showed inflation at 13.79% in May, compared with
13.70% the previous month.

Nigeria to shut bank accounts of firms which import FX restricted goods

LAGOS (Reuters) - Nigeria’s central bank said on Friday it will close the
bank accounts of firms caught smuggling into the country any goods for which
access to foreign exchange has been restricted.

The central bank curbed access to dollars in 2015 for firms importing 43
items ranging from rice and soap to private jets and Indian incense in a bid
to conserve foreign reserves and diversify the economy of Africa’s biggest
crude oil producer.

But the currency restrictions accelerated the descent of Africa’s biggest
economy into recession and fuelled inflation.

While Nigeria’s economy emerged from recession in early 2017, growth remains
fragile and inflation has stuck above the central bank’s single-digit target
for more than three years.

“Once we discover that people are using illicit foreign exchange to import
those items into Nigeria and smuggle them through the borders ... we have
every right to close their accounts,” a central bank spokesman told Reuters.

President Muhammadu Buhari has made boosting the agricultural sector a key
priority to cutting Nigeria’s import bill and in April the government
announced plans to double manufacturing output to 20% of GDP within six
years.

Buhari began his second term as president this month, weeks after
re-appointing Central Bank Governor Godwin Emefiele for a second term. He
has yet to set up his cabinet.

Emefiele’s reappointment signalled policy stability and broke a trend of
Nigerian central bankers serving a single term.

After imposing currency restrictions in 2015, the central bank introduced a
multiple exchange rate regime which has masked pressure on the currency and
helped to keep it stable.

The price of oil has gradually risen since the lows of 2015 which hit
Nigeria particularly hard since it relies on crude oil sales for 90% of its
foreign exchange.

Currency traders expect renewed pressure if oil prices fall below the
country’s budget benchmark of $60 a barrel and foreign inflows into the debt
market slow.

South Africa's rand steady as investors mull developments ahead of long
weekend

JOHANNESBURG (Reuters) - South Africa’s rand held steady on Friday as
investors assessed local and international political developments ahead of a
long weekend and a U.S. Federal Reserve meeting next week.

At 0618 GMT, the rand traded at 14.8625 versus the dollar, 0.05 percent up
from its previous close.

Government bonds also gained, with the yield on the benchmark 2026 bond
falling 0.5 basis points to 8.385 percent.

Political uncertainty has fed investor jitters.

The main opposition party is calling for South Africa’s graft watchdog to
release a report into allegations President Cyril Ramaphosa misled
parliament over a donation to his 2017 campaign to lead the ruling African
National Congress party.

Senior ANC officials meanwhile contradicted each other over whether the
party had decided to expand the central bank’s mandate in the wake of data
showing the worst economic contraction in a decade.

“Over the course of the past week, the rand has traded skittishly as both
local and international headlines have caused some consternation in the
markets,” Nedbank CIB analysts said in a morning note.

Markets also remain on alert after two oil tankers were attacked in the Gulf
of Oman, with the United States blaming Iran for the assaults.

Investors are also looking towards the U.S. Federal Open Market Committee
(FOMC) meeting next week to see whether the first of two anticipated
interest rate cuts will happen, said Andre Botha, Senior Dealer at
TreasuryONE in a morning note.

Nedbank CIB analysts expect the rand to trade in the range of 14.7000 to
15.0500 on Friday.

South African markets will be closed on Monday for a public holiday.

South Africa's Omnia flags full-year loss

JOHANNESBURG (Reuters) - South African chemicals and fertiliser maker Omnia
Holdings said on Friday it expected to report a full-year loss as drought, a
volatile currency, changes in the mining industry and difficult global
trading conditions weighed on earnings.

The firm said the headline loss per share, the main profit measure used in
South Africa, was expected to fall to between 139 cents and 59 cents for the
year ended 31 March 2019 compared with headline earnings per share of 991
cents a year earlier.

Omnia, which raised funds for two acquisitions and the construction of a new
fertiliser plant, said last month it had agreed to restructuring talks with
creditors.

The firm, which also produces explosives, has also said it would undertake a
rights offer of 2 billion rand ($137 million) to cut debt.

Omnia’s results are expected to be released on June 21, 2019.

Kenyan shilling weakens against the dollar

NAIROBI (Reuters) - The Kenyan shilling weakened against the dollar on
Friday under pressure from surplus liquidity in the local money market and
increased oil importer dollar demand as market players eyed the effects of
Kenya’s 2019/20 budget presented yesterday by the finance minister, traders
said.

At 0910 GMT, commercial banks quoted the shilling at 101.65/85 per dollar,
compared with 101.55/75 at Thursday’s close.

On Thursday, Kenya’s finance minstrel announced the government will cut its
budget deficit in the 2019/20 (July-June) financial year to 5.6% of GDP and
intends to fund the gap through net local borrowing of 283.5 billion
shillings.

Heathrow reveals expansion 'masterplan'

Heathrow Airport will construct a third runway by 2026 and complete its
expansion by 2050, according to its "masterplan" published on Tuesday.

The plan includes diverting rivers, moving roads and rerouting the M25
through a tunnel under the new runway.

Heathrow's expansion has faced fierce opposition, but the airport says it
has engaged with local communities and other stakeholders.

The proposals are now open to public consultation until 13 September.

The masterplan is illustrated in a visualisation from the architects,
showing the M25 running in a tunnel underneath the new runway.

It proposes a staggered approach with the new runway to be built in the
first phase by 2026, with the rest of the airport infrastructure - including
new terminals and access - to be complete by around 2050.

Local and environmental groups have argued that expanding Heathrow and
building a third runway would mean unacceptable levels of noise and
pollution, as well as adding to the UK's carbon emissions from the increased
number of flights.

In response to those criticisms, the plan also outlines a new low-emission
zone for the airport, meaning additional charges for those who drive a more
polluting vehicle to the airport.

Heathrow says it is pursuing better public transport links and is proposing
a longer respite at night providing local communities with six and a half
undisturbed hours without a flight.

"We have been working with partners at the airport, in local communities and
in government to ensure our plans show how we can grow sustainably and
responsibly - with environmental considerations at the heart of expansion,"
said Emma Gilthorpe, Heathrow's executive director for expansion.

Another hurdle crossed in a long-running saga

In the past year Heathrow's third runway has won the unanimous backing of
Parliament and survived multiple challenges in the High Court.

This blueprint for expansion is the fruit of that success and represents an
important step towards the day when the bulldozers will start their work.

And importantly, the frontrunner to become the next prime minister has
indicated he won't lie down in front of them. Boris Johnson said exactly
that just four years ago. He seems to have changed his mind.

A three-month public consultation on these plans is the final step before
the airport submits a planning application.

Assuming all goes to plan, work will begin on the runway in early 2022.

But Heathrow's blueprint on expansion stretches to 2050, well beyond the
runway's planned opening in 2026.

The airport also plans extensive work to terminals 2 and 5, as well as
consolidating all existing car parks into one single site to the south of
the airport and then building a new one to the north at a later date.

Total private investment in the airport over the next two decades is
forecast to be in the region of £30bn.

The government agreed last year to back the scheme for expanding Heathrow.

Last month campaigners, backed by London Mayor Sadiq Khan, lost a High Court
challenge against that decision.

This week environmental protest group, Extinction Rebellion, called off
plans to disrupt operations at Heathrow to coincide with the announcement of
its expansion plans.

The public will be able to have their say on the plans via a website and at
43 "consultation events" during the 12-week period.

The first phase of the privately-funded expansion - to deliver the new
runway - is expected to cost £14bn. The total cost is expected to be in the
region of £30bn.

Ms Gilthorpe said she hoped to "have spades in the ground" by early
2022.--BBC

Huawei smartphone sales hit amid US curbs

Huawei founder Ren Zhengfei has said international sales of the Chinese
telecoms giant's handsets have sunk 40% in the past month as a US-led
backlash against the firm intensifies.

Speaking at the firm's headquarters, Mr Ren also said the company would
slash production by $30bn (£23.9bn).

Last month, the US put Huawei on a list of companies that American firms
cannot trade with unless they have a licence.

The move marked an escalation in efforts by Washington to block Huawei.

The US argues that the Chinese company - the world's largest maker of
telecoms equipment and the second biggest smartphone maker - poses a
security risk.

"In the coming two years, the company will cut production by $30bn," Mr Ren
said at a panel discussion at the firm's headquarters in Shenzhen.

Why Huawei matters in five charts

Huawei: US blacklist will harm billions of consumers

Sales are now expected to remain flat at $100bn in 2019 and 2020. Earlier
this year, Huawei had predicted sales of about $125bn for 2019.

However, Mr Ren said the company would "regain [its] vitality" in 2021.

He also said that while overseas smartphone sales had dropped sharply, in
China growth remained "very fast".

Spending on research and development would not be cut, Mr Ren added, despite
the anticipated hit to the firm's finances.

The Huawei founder had previously downplayed the impact of the US
restrictions on the Chinese firm.

However, the actions by the US have prompted tech companies around the world
to retreat from Huawei.

Google barred Huawei from some updates to the Android operating system,
meaning new designs of Huawei smartphones are set to lose access to some
Google apps.

Japan's Softbank and KDDI have both said they will not sell Huawei's new
handsets for now.

UK-based chip designer ARM told staff it must suspend business with Huawei,
according to internal documents obtained by the BBC.

Surveillance fears

Washington's clampdown on Huawei is part of a broader push-back against the
company, over worries about using its products in next-generation 5G mobile
networks.

Several countries have raised concerns that Huawei equipment could be used
by China for surveillance, allegations the company has vehemently denied.

Should we worry about Huawei?

Trump declares emergency over IT threats

Huawei has said its work does not pose any threats and that it is
independent from the Chinese government.

However, some countries have blocked telecoms companies from using Huawei
products in 5G mobile networks.

So far the UK has held back from any formal ban.--bbc

Jet Airways lenders plan insolvency proceedings

Lenders to Jet Airways have said they plan to bring insolvency proceedings
against the struggling carrier.

The move follows a failed attempt to find a suitable buyer for what was once
India's biggest private airline.

Jet Airways has been hampered by more than $1bn (£790m) of debt.

In April, the airline suspended all international flights. The move left
passengers stranded in India and European cities including London, Paris and
Amsterdam.

Etihad Airways already owns 24% of Jet Airways and is reported to have
expressed an interest in taking more control.

Banks have been seeking a buyer for the airline, but the latest development
by the carrier's lenders suggest there are no serious bidders available.

The insolvency process, if successful, will allow lenders such as State Bank
of India to begin selling parts of the business, or assets, in order to
recover some of the money they are owed. A court will decide what happens
next.

Pilots, engineers and ground staff have not been paid for months, and
passengers have been left stranded around the world as a result of
cancellations.

Jet Airways was formed in 1993 after India liberalised its economy and
allowed competition from private carriers.

The rise of Jet Airways coincided with the decline of Air India, which was
plagued by poor service and bad business decisions.

After a prolonged struggle to revive the ailing airline, the lenders have
run out of patience.

Their decision to refer Jet Airways for insolvency is the final nail in its
coffin.

With liabilities of more than $4bn, the airline failed to attract any
serious investors.

Technically, it could still be sold to a new investor under the bankruptcy
proceedings. However, given the size of its overall debt and liabilities,
experts feel it's very unlikely to find any suitors.

The bankruptcy proceeding will take time to complete, but the closure of Jet
Airways marks a significant chapter in India's aviation history.

During the course of its life it went on to become one of the most
successful private carriers in the country. During its peak, Jet Airways
used to operate on 600 domestic and 380 international routes with more 110
aircraft as part of its fleet.--BBC

UK to launch 'groundbreaking' China stock market link

UK-listed firms will become the first foreign companies to be able to list
in mainland China under a new stock link, the Treasury said.

Chancellor Philip Hammond is due to launch the London-Shanghai Stock Connect
on Monday.

Firms will sell shares through dual listings on the Shanghai and London
Stock Exchanges.

The UK government said the project will open up British firms to new
investors.

The initiative will also allow companies from each country to raise capital
in the other.

"Stock Connect is a groundbreaking initiative, which will deepen our global
connectivity as we look outwards to new opportunities in Asia," Mr Hammond
is expected to say at the launch, according to a statement from the
Treasury.

"London is a global financial centre like no other, and today's launch is a
strong vote of confidence in the UK market."

The London-Shanghai Stock Connect project has taken four years to develop.
It will enable companies to list on both exchanges using depositary
receipts.

These certificates - which represent an ownership of ordinary shares of a
company - allow foreigners to buy a stake in a company of another country
without the risks associated in investing in a foreign stock directly, such
as differences in currency and accounting practices.

UK vulnerable to Chinese 'interference'

Grappling with China's growing power

More than 260 of the 1,500 companies listed in Shanghai will be potentially
eligible to take part of the project and list in London.

Kicking off the initiative, London investors will be able to trade the
global depositary receipts of China's securities brokerage Huatai from
Monday.

The UK is seeking to tap into China's growing market. China is expected to
have more than $17 trillion ($13.5 trillion) in assets under management
(AUM) by 2030, having had $2.8 trillion AUM in 2016.--BBC

South America power cut: Argentina investigates 'unprecedented' outage

Argentina is investigating what caused a massive power cut that hit nearly
50 million people.

President Mauricio Macri called the outage "unprecedented", promising a
thorough inquiry.

Almost all of Argentina, neighbouring Uruguay and some areas of Paraguay
woke up to darkness on Sunday.

The disruption hit public transport while hospitals were forced to run on
generators. Power had largely been restored by the end of the day.

Argentine officials said it began with a failure in the country's
"interconnection system" but that the exact cause was unknown.

Energy Minister Gustavo Lopetegui said it was unlikely that a cyber-attack
was responsible, and that it would take 10-15 days for the results of the
investigation to be published.

Despite the massive outage he said the country's electrical network was
"very robust".

How bad was it?

The power cut hit almost all of Argentina's 44 million population, with just
one province not connected to the main system spared. Uruguay's 3.4 million
inhabitants were also affected. The two countries share a power grid.

Local elections still took place as scheduled in Argentina, with local media
showing voters using their mobile phones for torches.

Restaurants that expected to be full for Father's Day instead remained
closed.

Residents posted pictures of dark towns and cities and long lines of cars
queuing at petrol stations.

"Everything came to a halt. Elevators, water pumps, everything. We were left
adrift," Juan Borges, who lives in Buenos Aires, told the BBC.

"There are some elderly people on the eighth floor but nothing happened,
because the power cut was short. If it had gone on for longer it would have
been a whole different story." he said.

A similar blackout hit Brazil in 2009, with a massive blackout leaving about
60 million without power.--BBC

Brexit uncertainty 'hitting UK business investment'

Brexit worries will see business investment contract faster this year and
recover more slowly next year than was previously thought, a report says.

The British Chambers of Commerce (BCC) says firms are putting resources into
contingency plans, such as stockpiling, in a way that is "not sustainable".

It says companies should be investing in measures aimed at economic growth.

The BCC growth forecast for 2019 was slightly upgraded, driven by the
"rapid" stock-piling earlier this year.

But it said that growth would be more subdued in 2020 and 2021.

Its growth expectations for the UK in 2019 is now 1.3%, from 1.2%. But it
has downgraded its growth forecast for 2020 to 1.0%, from 1.3%, and to 1.2%,
from 1.4%, in 2021.

The BCC said continued Brexit uncertainty, including the growing possibility
of a no-deal, was expected to "suffocate" investment activity in the short
term.

"Businesses are putting resources into contingency plans, such as
stockpiling, rather than investing in ventures that would positively
contribute to long-term economic growth," it said.

'Deteriorating outlook'

The new BCC growth forecasts assume that the UK avoids a "messy and
disorderly" exit from the EU.

"The revisions to our forecast suggest that the UK economy is likely to
remain on a disappointingly subdued growth path for some time to come," said
BCC head of economics Suren Thiru.

"The downward pressure on business activity and investment intentions from
the unwinding of stocks is likely to be exacerbated by increasing cost
pressures and Brexit uncertainty, slowing overall economic growth across the
forecast period.

"The deteriorating outlook for business investment is a key concern as it
limits the UK's productivity potential and long-term growth prospects."

And he warned leaving the EU on 31 October without a deal or transition
period remained the main risk to the UK's economic future.

"The disruption caused would increase the likelihood of the UK's weak growth
trajectory translating into a more pronounced deterioration in economic
conditions," he said.--BBC

INVESTORS DIARY 2019

Company

Event

Venue

Date & Time

Zimpapers

AGM

Boardroom, 6th Floor, Herald House

20 June 2019, 12pm

Masimba Holdings

AGM

Head Office, 44 Tilbury Road, Willowvale

21 June 2019, 12:30pm

RioZim

AGM

1 Kenilworth Road, Highlands

24 June 2019, 10:30am

Proplastics

AGM

Palm Court, Meikles

25 June  2019, 10am

Fidelity Life

AGM

Great Indaba Room, Crowne Plaza Monomotapa

26 June 2019, 10am

GB Holdings

AGM

Cernol Chemicals Boardroom,  111 Dagenham Road, Willowvale

26 June 2019, 11:30am

Dawn Properties

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 10am

Unifreight

AGM

Royal Harare Golf Club

27 June 2019, 10am

African Sun

AGM

Ophir Room, Monomotapa Hotel

27 June 2019, 12pm

FMP

AGM

Palm Court, Meikles

27 June 2019, 12pm

MedTech

AGM

Boardroom, Stand 619, corner Shumba/Hacha Roads, Ruwa

27 June 2019, 2pm

FML

AGM

Palm Court, Meikles)

27 June 2019, 2:30pm

FBC

AGM

Royal Harare Golf Club

27 June 2019, 3pm

BAT

AGM

Head office, 1 Manchester Road, Southerton

28 June 2019, 10am

ZBFH

AGM

Boardroom, Ground Floor, 21 Natal Road, Avondale

28 June 2019, 10:30am

ZPI

AGM

206 Samora Machel Avenue East

28 June 2019, 2pm

ZHL

AGM

Aquarium Room, Crowne Plaza Monomotapa Hotel

30 June 2019, 10am

Edg Edgars

AGM

Edgars Training Auditorium, 1st Floor LAPF House, 8th Avenue/Jason Moyo St,
Bulawayo

11 July 2019, 9am

Companies under Cautionary

Bindura Nickel Corporation

Padenga Holdings

Delta Corporation

Meikles Limited

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been compiled from sources believed to be reliable, but no representation or
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opinions expressed and recommendations made are subject to change without
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suitable for all investors. Securities of emerging and mid-size growth
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for guideline purposes only and sourced from third parties.

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QjCNH8LYgdY55h-XKseuM8Kpr-JKdfhQ> www.bulls.co.zw

Blog:
<http://www.google.com/url?q=http%3A%2F%2Fwww.bulls.co.zw%2Fblog&sa=D&sntz=1
&usg=AFQjCNFoIy6F9IXAiYnSoPSgWDYsr8Sqtw> www.bulls.co.zw/blog

Twitter:                 @bullsbears2010

LinkedIn:              Bulls n Bears Zimbabwe

Facebook:
<http://www.google.com/url?q=http%3A%2F%2Fwww.facebook.com%2FBullsBearsZimba
bwe&sa=D&sntz=1&usg=AFQjCNGhb_A5rp4biV1dGHbgiAhUxQqBXA>
www.facebook.com/BullsBearsZimbabwe

Skype:                  Bulls.Bears 

Whatsapp Group:   <https://chat.whatsapp.com/CF6wllAfScU9Wr6dXxoQnO> Click
Here to Join

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